Despite the re-opening of the housing market in England last month, statistics show that the sector has struggled significantly due to the adverse effects Covid-19.
Last month, the UK market experienced the biggest drop in house prices since the financial crisis some 10 years ago. Various factors are influencing potential buyers, many concerned about the impacts of lockdown on their lives moving forward. Some number of potential buyers have reservations regarding moving home at all due to the uncertainty surrounding the job market. There also seems to be a trend in people considering investing in improvements to their own home, rather than buying a new one.
Comparatively, life in lockdown has had a different effect on other buyers. Some people are now seeking a different type of home, with aspects such as increased indoor space and outside space/gardens of prime importance. Whilst it is comforting to learn that coronavirus has not completely discouraged people from moving home, it seems such buyers are seeking to wait a further six-months before purchasing a home, which could potentially result in a further drop in house prices yet to come.
House prices across the UK fell at the fastest rate last month since the financial crisis, as prospective buyers said they would wait six months before returning to the housing market.